Content, Not Delivery: The Debate Transcript

Check out the raw version of last night's exchange.

But we all know that we’ve still got a lot of work to do. And so the question here tonight is not where we’ve been, but where we’re going.

Governor Romney has a perspective that says if we cut taxes, skewed towards the wealthy, and roll back regulations, that we’ll be better off. I’ve got a different view.

I think we’ve got to invest in education and training. I think it’s important for us to develop new sources of energy here in America, that we change our tax code to make sure that we’re helping small businesses and companies that are investing here in the United States, that we take some of the money that we’re saving as we wind down two wars to rebuild America and that we reduce our deficit in a balanced way that allows us to make these critical investments.

ROMNEY: Now, I’m concerned that the path that we’re on has just been unsuccessful. The president has a view very similar to the view he had when he ran four years, that a bigger government, spending more, taxing more, regulating more — if you will, trickle-down government — would work.

That’s not the right answer for America. I’ll restore the vitality that gets America working again. Thank you.

LEHRER: Mr. President, please respond directly to what the governor just said about trickle-down — his trick-down approach, as he said yours is.

OBAMA: Well, let me talk specifically about what I think we need to do. First, we’ve got to improve our education system and we’ve made enormous progress drawing on ideas both from Democrats and Republicans that are already starting to show gains in some of the toughest to deal with schools. We’ve got a program called Race to the Top that has prompted reforms in 46 states around the country, raising standards, improving how we train teachers.